What are the Steps to Leasing Commercial Space?

Prior to beginning the search for new space, many of our clients are interested in understanding what exactly is involved in the process. Below is an outline of the key steps involved in finding new space for your business. 

1. A tenant representative broker assembles a market survey of options that fit the Client’s criteria including location, size, building class/quality and budget, and organizes a tour to view those potential properties. 

2. Broker drafts and submits Request For Proposals that seeks to achieve all of the Client’s goals, both financial and regarding space quality and layout.

3. Broker runs a financial analysis to understand and compare each leasing scenario over the course of the term. 

4. Broker drafts and submits counter proposals to advance the negotiations towards achieving the Client’s goals. This is repeated until acceptable business terms are agreed upon.

5. Broker refers qualified real estate attorneys to review the lease and coordinate the final steps of lease negotiation to mitigate risk. 

6. If needed, Broker coordinates efforts of the architect to design the space to the Client’s specifications, as well as coordinates hiring of proper contractors for the build out. 

7. Broker introduces Client to quality furniture vendors, movers, phone & data brokers, insurance brokers, and other ancillary professionals to help facilitate the process. 

8. Broker ensures that the Client is set up for a successful transition into their new space, and is always available to answer questions or provide any assistance along the way.